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Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

• Euromonitor predicts that growth in the meat market will slow down to a CAGR of 4.1% over the period 2024-28, as rising consumption of new types of meat such as beef and goat will not be enough to offset saturation in consumption of pork and poultry, the main products consumed in Vietnam.
• Although overall market growth may be limited, the potential for a shift in consumer preferences from hot-fresh to chilled-fresh meat in Vietnam continues to attract major brands. However, the market still faces obstacles, including long-standing consumer habits of buying hot-fresh meat in traditional markets and the higher price of packaged chilled-fresh meat in retail chains.
• The pace of development of modern supermarket channels, along with the ability to raise public awareness of the benefits of chilled-fresh meat, is key to unlocking the long-term potential of this market, creating investment opportunities for chilled-fresh meat stocks such as MML and VSN.
• Investors should also pay attention to the market share growth of supermarket chains associated with chilled-fresh meat producers, such as Co.op Mart (VSN), BHX, Lan Chi, Go! (CP, G) and Winmart (MML) when making investment decisions in these stocks. Due to fierce competition, a meat brand will typically only distribute through a few specific supermarket chains it has developed.